Yes, the Quad is "current regulated" and not switch mode regulated but it's still one of the best out there and, unlike most Petzl LED lamps, it won't burn up the circuitry if you use lithium batteries.
I WOULD pay another U.S. $10. $15. for an LED switch mode regulated headlamp or lantern. PErhaps in teh near future some company will be brave enough to try it. Usually prices for tech goods drops quiclky over time so there is hope in this "price point" driven market.